Tag Archives: medical supplement insurance

What You Need to Know About Medical Supplement Insurance

What You Need to Know About Medical Supplement Insurance | JT Insurance ServicesDue to the Affordable Care Act, all Americans must be insured by April 15, 2015. While the types of insurance plans available will vary from company to company, one common additional plan is medical supplement insurance. While not a complete coverage package, this insurance can be used to pay for expenses that usually involve out-of-pocket payments. The following provides an overview of this supplemental insurance and how it benefits individuals and families.

A supplemental insurance plan provides families and individuals with extra help in paying for copayments, coinsurance and deductibles. Some plans even provide lump sums or cash benefits spread out over several months. This money can be used to pay for other costs of medical care. These include medications, specialty foods, lost wages and transportation. It is important to remember that medical supplement insurance is not a complete substitute for a health insurance plan, just an extra piece of the puzzle to help pay for expenses.

It is also important to know the three main types of supplemental health insurance. These are hospital indemnity, accidental death and critical illness. Hospital indemnity covers the cost of staying in a hospital due to illness or injury. These payments are made after a certain amount of time has passed or paid in full in one lump sum. Accidental death insurance provides cash for beneficiaries of someone who has passed away due to an accident. Medical supplement insurance will pay this money in a lump sum. This money can be used for funeral expenses, cremation or other debts that need to be paid. Finally, critical illness insurance helps alleviate the stress of medical expenses of those with terminal diseases such as cancer. Money is typically given as a lump sum payment and can be used to pay for expenses not covered by an individual’s disability plan or regular health insurance.

A supplemental insurance plan is very beneficial for families and individuals who need a little extra help paying for additional costs of medical care. Medical supplement insurance can pay for visits to the doctor’s office, medications, special diet plans or transportation to and from appointments and procedures. Anyone interested in learning more about this type of coverage can discuss it with their insurance agent and healthcare professional.

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Reasons to Consider a Medical Supplement Insurance Plan

Reasons to Consider a Medical Supplement Insurance Plan | JT Insurance ServicesThere are many health insurance policies that do not cover every medical expense that may arise. For example, many insurance policies do not pay for lost wages that someone may acquire when they get injured at work. That is why many insurance providers will offer medical supplement insurance plans to individuals who feel like such coverage is necessary. People who have this type of insurance can enjoy the peace of mind that comes from knowing they will be taken care of should the worst happen.

Medical supplement insurance is recommended for individuals who already have insurance, but want a little something extra just in case. This type of insurance makes sense for individuals who have an insurance policy that has a high deductible before the policy will kick in. A supplemental insurance plan will often pay this deductible. A medical supplemental insurance plan can also be used to cover a critical or life threatening illness. People who have a high risk of getting cancer may want to have additional insurance that will help out if they were to become critically ill. When people become seriously injured, there are often unforeseen medical expenses that may arise. For example, they may have transportation needs that they did not anticipate, and they may have a hard time making a mortgage payment because they were stuck in a hospital bed. It may become difficult to buy food and other basic necessities when a serious injury occurs. Having additional insurance can literally become a life saver in these circumstances.

Most insurance plans will cover basic medical expenses, which is incredibly beneficial. Individuals who want to play it safe may have a desire for medical supplement insurance so they know that they will always be taken care of. Individuals who feel like they are at a particular risk of getting seriously injured or ill should consider getting this type of insurance. People who have extremely high deductibles may also want to think about this type of medical coverage.

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Understanding the Benefits of an Affordable Medical Supplement Insurance Plan

Understanding the Benefits of an Affordable Medical Supplement Insurance Plan | JT Insurance ServicesThere are many people who have individual or family insurance plans who may be wondering if they should get medical supplement insurance. As its name suggests, supplemental insurance is not meant to stand on its own; it is an addition to an already existing insurance plan. This type of insurance is a great option for people who have children, and those who may be self employed. People may want supplemental insurance if they are unable to afford to pay the medical bills that may be acquired due to an illness or injury, and would be in financial trouble if this injury forced them to take time off of work. It can also be great for those who are covered by Medicare.

There are medical supplement insurance plans that will provide cash benefits for services that are covered in the plan. These services can include stays in the hospital, such as emergency procedures and outpatient services. Some of these supplemental plans will also provide coverage for preventative medical care. For those who are concerned about cancer, there are supplemental plans that will give cash to policy holders so they can pay for cancer treatments and other expenses. Some of these supplemental plans will give lump sum benefits to cover critical conditions and illnesses such as strokes, heart attacks, cancer, etc.  The type of plan that one receives depends on what they are willing and able to pay.

The cost of most of the previously mentioned medical conditions can be astronomical. Very few people are able to pay for these medical expenses out of pocket. That is why many people find comfort in having medical supplement insurance. It gives them peace of mind to know that if something terrible happens, they will not be buried in thousands of dollars of medical debt. There are many insurance companies that are willing to help their clients find a supplemental insurance plan that they will be able to afford, and will be there to support them in their greatest hour of need.

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You can find me on Twitter via @Obamacare_Guru
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